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Rakhi Vasavada
Rakhi Vasavada, Financial Advisor
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Experience:  Attorney and Financial Expert. Have specialization in Financial Laws.Practice experience of over 13 years
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A sole trader started business on 01.08.2014 and his first

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A sole trader started business on 01.08.2014 and his first year of account was 31.03.2015.
He then incorporated 23.03.2016, what are his basis periods please. Not sure with the business opening one year and ceasing in the second.
Dear Friend,Hello and welcome. Thank you for providing an opportunity to assist you.The sole trader's basis period ( I believe you mean accounting period) as under: For FY 2014-15, it would be 01.08.2014 to 31.03.2015. Second year would be 01.04.2016 to 23.03.2016 i.e. until he incorporated. His books will close on this date.
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